VIDEO ON MSN MONEY
"Add to that a modest nest egg of $250,000..."--------well, I doubt most Americans now days would call $250k a "modest" nest egg, but whatever. Makes me wonder just how much they pay Ms. Brandon here. What would she consider a "nice" nest egg. Just how big is the mean nest egg of retirees?
Whenever MSN does these best places to live or retire, they are usually in big/bigger cities. I think if you want or need to move away from wherever you finish working, you'd be better off going to a smaller city.
The key to a good retirement is to pay off debt before retirement. AND...learn to live on less. Who really needs a big gas guzzling truck or a fancy expensive car? Give me a hybrid and a paid off house any day!
Let's be real. $40k won't go far in the good old U.S. You will have to give up your standard of living, cash, or move to some" backwoods" part of the U.S. The real choice for retires with depleted assets to to retire is in Baja Mexico. You may say " too much violence" , but that's not the reality here in Baja. I feel safer here than in a lot of places in SoCal. you just have to be aware of the areas you travel ,just like in the U.S. You can buy a nice 2br. home less than 300' from the Pacific ocean for about $70k. You can rent the same home for $600-$700/ month. I can leave my home in Rosarito Beach and be in my seat at Petco park in about 1 hour. Gas currently costs $3.15/ gal. We have a super walmart, Home Depot, Staples , Cinaplex ( films in english). within a 15 minute drive. I sit on my balcony overlooking the ocean (50' away), sipping my wine with all the comforts I had in California . Oh yes, my property taxes are a mere $350/..............YEAR. I have Mexican medical Ins, because I have preexisting conditions and can't get it in the U.S. for $165/....year. $30 copays. All people thinking about retiring should take a REAL hard look at Baja, i think that if yuo do your due diligance you will be pleasantly suprised at what you find.
I can buy a moderate house, have a bit of money left over for cash liquidity, use our other combined income and fit right within the scope of this article. I don't think I'm much better off than the rest of the U.S. middle class that hasn't extended itself into fiscal oblivion.
I have inlaws that live in the Hot Springs/ Lake Hamilton area of Arkansas and it happens to be a very nice state and city to live in. I may wind up there. It is a very middle class state with a few people bordering on the poverty level, but all levels of income seem to enjoy life and each others company. Income isn't the social stigma there that it is in Southern California. One thing for sure, I'm not going to stay in the Golden state after 65. The color seems to be abit more of a bronze these days than gold.
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If you worry about money after the streetlights come on, these actions may help you rest easier.